The cannabidiol (CBD) industry has seen massive growth in the past few years. It all started with the Farm Bill of 2018 which removed hemp from the list of controlled substances and allowed farmers in all 50 states to grow the cash crop. The sector quickly grew, sustained by the insane popularity of CBD as an alternative natural medicine, but it lacked a comprehensive regulatory framework.
With barely any regulations on how hemp and CBD sellers ought to operate, institutions such as banks and insurance companies avoided working with them. Although the USDA finally published its much-awaited interim final rule for hemp production, cannabis and cannabidiol companies still have to find alternative means of managing their operations in a young and volatile industry.
As the existing services haven’t yet adapted to the hemp industry, these companies have started turning to blockchain instead. One such company, No Borders Inc., has turned to blockchain to improve customer confidence. Recently the company launched CBD LabChain, a platform that uses blockchain to track lab test results of CBD products.
Joseph Snyder, No Borders CEO, says that it was the culmination of two years of hard work to identify a specific and current business use case for blockchain. “This will also improve security and transparency in the CBD supply chain,” he added.
The company will store all its THC (delta-9 tetrahydrocannabinol), CBD and other lab test results on CBD LabChain, and they’ll be accessible through a QR code. Other CBD brands, extraction facilities, and wholesalers will also be able to use CBD LabChain as a platform-as-a-service (PaaS).
The company embarked on a marketing drive, giving out over 25,000 CBD products and collecting information from a ton of people. They found out that most consumers were concerned about failing drug tests at work, and whether the products actually contained the advertised amounts of CBD. The platform was a response to that, a way to allay the customer’s fears and give them actual proof of a product’s quality.
Currently, it is the only company in the world to record 100% of its third-party lab test results. No Borders hopes that with this platform, it can give consumers a trustworthy standard to judge CBD products by. Products that use CBD LabChain come with a “Results Guaranteed with Blockchain” icon to identify them.
“This launch is another tangible example of the technical prowess of the No Borders Labs Team,” says CEO Snyder.
Industry watchers suggest that cannabidiol businesses like Hemptown USA and Marijuana Company of America Inc. (OTCQB: MCOA) are glad when the reach of the industry is broadened through ancillary service providers coming on board.
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